Monopolistic Competition Means

question 51

Multiple Choice

Monopolistic competition means:

• A) firms are in a monopoly but they compete.
• B) firms are in perfect competition but they collude similar to monopolies.
• C) firms differentiate their output, which makes them price-makers, but barriers to entry are low or nonexistent.
• D) oligopoly firms collude until they become monopolies.
• E) firms have downward-sloping demand.

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Definitions:

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A character attribute marked by an overwhelming concern with self and a deficiency in compassion towards others.

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A bundle of nerve fibers in the brain that connects the two cerebral hemispheres, facilitating communication between them.

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A region of the brain involved in impulse control, decision-making, emotion, and anticipation of reward.